In this Monday, Oct. 22, 2012, photo, specialist Patrick Kenny works on the floor of the New York Stock Exchange. Stock futures are falling sharply Friday, Oct. 26, before the government provides a peek at the nation’s economic growth over the past three months. Latest government data on the growth of the U.S. economy is expected to show tepid expansion. (AP Photo/Richard Drew)
US futures sharply lower ahead of GDP report
In this Monday, Oct. 22, 2012, photo, specialist Patrick Kenny works on the floor of the New York Stock Exchange. Stock futures are falling sharply Friday, Oct. 26, before the government provides a peek at the nation’s economic growth over the past three months. Latest government data on the growth of the U.S. economy is expected to show tepid expansion. (AP Photo/Richard Drew)
AP /
October 26, 2012
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NEW YORK (AP) — Stock futures are falling sharply before the government provides a peek at U.S. economic growth over the past three months.
There are also signs of unease in China, with evidence of a massive flow of money out of the country before a government power shift.
Dow Jones industrial futures are down 97 points to 12,959. The S&P futures have given up 10.5 points to 1,397.70. Nasdaq futures are down 11.5 points to 2,636.50.
The government will release a report an hour before the stock market opens Friday on the nation’s gross domestic product for the third quarter. Economists expect growth but very little.
The group Global Financial Integrity, based in Washington, suggests Chinese investors evaded government controls to ship more than $600 billion out of the country last year, and that the pace is accelerating.
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